OnLive cloud-based gaming service secures additional funding

Cloud-based gaming service OnLive has secured additional funding, and interest from potential users has topped expectations. OnLive's Series C financing round included AT&T and Lauder Partners, as well as repeat investors like Time Warner, Autodesk, and Maverick Capital. OnLive has not disclosed exactly how much was pumped into the company, but CEO Steve Perlman said it was a "large investment at a large valuation."

OnLive rolled into an open beta earlier this month, and has more pre-release users than anticipated. The company reports that hundreds of thousands have signed up for the service's test phase, which is more activity than it expected to see in the first year. OnLive is slated to officially launch this winter, and it has signed up various top-end publishers like EA, Ubisoft, and Take-Two Interactive to provide games. There is still no word on pricing -- just that it will be a cheaper route than current mainstream consoles.